Bangladeshis spent Tk 456.5 crore abroad in May using credit cards, a decrease from Tk 507 crore in April, according to a report by Bangladesh Bank released on Tuesday. Meanwhile, foreign nationals in Bangladesh spent Tk 170 crore on credit cards during the same period, down from Tk 199 crore in April.
The report, prepared by the Statistics Department of the central bank, includes data from 44 banks and one financial institution that issues credit cards in Bangladesh. Bangladesh Bank publishes this report monthly to track spending patterns.
In May, the expenditure of Bangladeshi citizens on credit cards abroad dropped by Tk 51 crore, marking a more than 10 per cent decrease from the previous month. Similarly, foreign nationals in Bangladesh reduced their credit card spending by Tk 29 crore, a 14.5 per cent decline from April.
Top destinations for credit card spending
Bangladeshi credit card users primarily spend their money in a few key countries, including India, the United States, Thailand, the United Arab Emirates, the United Kingdom, and Singapore. These six countries accounted for about 65 per cent of all overseas credit card spending by Bangladeshis.
Spending breakdown by Country
India: Tk 76.5 crore
United States: Tk 75.9 crore
Thailand: Tk 38.2 crore
United Arab Emirates: Tk 36.3 crore
United Kingdom: Tk 35.1 crore
Singapore: Tk 33.3 crore
Canada: Tk 27.2 crore
Reasons behind the spending trends
A significant number of Bangladeshis visit India for travel and medical treatment, contributing to the high credit card usage in the country. Despite the overall decline, spending in the United States increased by Tk 9.4 crore from April to May, reflecting a growing trend among Bangladeshi travellers to the US.
Spending limits for Bangladeshi nationals
Bangladesh Bank officials noted that Bangladeshi nationals are allowed to spend foreign currency equivalent to USD 12,000 annually when travelling abroad. This amount can be paid via credit cards or taken as cash. However, individual transactions made through credit cards are capped at USD 300 at a time.
